Daily Market Analysis by FxGrow - page 2
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Daily Technical Analysis – 18th May, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD regained its bullish trend crossing 1.1460 on Friday and is trading above 1.1400 in the Asian trading session. The near term bias is Neutral to Bullish with some correction possible in the European trading session.
RSI (14) is Neutral; MACD (12, 26), MA100, MA200 indicate a BUY; STOCHRSI (14) is Oversold; while Average True Range (14) indicates Less Volatility.
Support is at 1.1322 while Resistance is at 1.1459 and 1.1465
18th May 2015 – 04:35hrs GMT
GBPUSD
GBPUSD could not retain its bullish trend on Friday and came down below 1.5750 Further correction is possible today within the range of 1.5700 The near term bias is Neutral to Bullish with targets of 1.5810
RSI (14), STOCHRSI (14) is Neutral; MA100 and MA200 indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 1.5700 while Resistance is at 1.5785 and 1.5807
18th May 2015 – 04:42hrs GMT
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Technical Analysis – 18th May, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD is in bearish trend trading at 0.8017 in the Asian trading session. The support level of 0.8000 could easily be broken in the European trading session with targets of 0.7950 to 0.7920 today.
RSI (14), MACD (12, 26), CCI (14), STOCHRSI (14) indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 0.7995 while Resistance is at 0.8067
18th May 2015 – 04:49hrs GMT
USDJPY
USDJPY has started its bullish trend with the pair trading above 119.50 in the Asian trading session. The near term bias is Neutral to bullish with targets of 120.20
RSI (14), MACD (12, 26), STOCH (9, 6) indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 119.46 while Resistance is at 119.82 and 119.92
18th May 2015 – 04:54hrs GMT
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 18th May, 2015
By FxGrow Research & Analysis Team
US Dollar tumbles on concerns over US Economy
On Friday University of Michigan Confidence survey fell for the month of May indicating that there is no robust rebound in the US economy. The consumer sentiment index was 88.6 for May as against the analyst expectations of 95.9
US Economy faces reduced production and employment from lower oil prices, falling exports, and rising imports from a stronger dollar.
US Industrial production fell 0.3% in April for a fifth month pushing down the dollar and U.S. bond yields.
Asian markets are down on Monday and US Dollar stays weak amid a basket of major currencies after weak signs from the US Economy.
Globally investors are concerned over the weakness of the US economy, slowdown in China and problems in the Eurozone.
Rise in the Euro zone debt yields is supporting the EURUSD which is trading above 1.1400 in the Asian trading session.
In Japan Industrial production fell to -0.8% while analyst expectations were at -0.3% for the month of April.
In Canada manufacturing sales climbed to 2.9% in March which was above the market expectations of a 1.0% gain.
Crude Oil is higher trading above 61.30$ amid news of conflicts in Yemen and Iraq.
Gold remains bullish trading at 1227.94 in the Asian trading session, while Silver is strong at 17.66
18th May 2015 – 07:18hrs GMT
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 26th May, 2015
By FxGrow Research & Analysis Team
US Dollar strong on prospects of a FED Rate Hike
Federal Reserve Vice Chairman Stanley Fischer said on Monday that "If the US Economy is growing very, very slowly we will wait. If the economy is growing faster we will do it quicker".
Fischer said that FED expects the interest rate will reach 3.25 to 4 percent by 2017-2018.
He further stated - "What we are thinking about is raising the interest rate from zero, which is an ultra-expansionary monetary policy to a quarter percent, which is an extremely expansionary monetary policy. This will be a gradual process".
US Dollar continues its Bull Run as Federal Reserve keeps its door open for a Fed rate hike.
Euro has dropped below 1.0900 in the Asian trading session amid fears of Greece inability to pay the IMF loan next week and the outcome of the Spanish regional elections.
Meanwhile Greek debt talks have resumed and officials have expressed confidence that Greece was close to a deal with its European creditors.
In Athens, government spokesman Gavriil Sakellaridis stated "We want to be consistent with our obligations and so we are striving for a deal so the economy can get some relief".
The US Dollar hit an eight-year high of 122.68 against the yen as it is expected that Federal Reserve will raise interest rates later this year.
Bank of Japan Governor Haruhiko Kuroda stated "The latest data point can be interpreted as confirming that underlying inflation in Japan has been improving significantly, although the firmness is currently masked by the temporary negative impact of the sharp decline in oil prices".
The New Zealand dollar lost ground as its Trade Surplus shrank in April due to decline in its exports to China. New Zealand's trade surplus shrank to NZ$123 million in April while analyst expectations were at $NZ100 million.
Crude Oil is trading at $59.40 after Iran's Oil Minister stated that the OPEC will maintain its monthly oil production limit.
Gold prices are lower in Asia at 1196.25 on the prospect of a Federal Reserve rate hike this year while Silver is down at 16.80
26th May 2015 – 08:31hrs GMT
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Technical Analysis – 27th May, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD had a bearish trend yesterday touching a low of 1.0862; in the Asian trading session the pair has recovered and is trading at 1.0912 above its 20day moving average. The near term bias remains Neutral to Bullish with targets of 1.0950 to 1.0980
RSI (14), ADX (14), ROC, Ultimate Oscillator indicate a BUY; STOCHRSI (14), CCI (14) are Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.0862 while Resistance is at 1.0926
27th May 2015 – 06:16hrs GMT
GBPUSD
GBPUSD had a bearish trend yesterday touching a low of 1.5353; in the Asian trading session the pair has recovered and is trading at 1.5425 above its 20day moving average. The near term bias remains Neutral to Bullish with targets of 1.5450 to 1.5470
RSI (14), ROC, Ultimate Oscillator indicate a BUY; STOCHRSI (14), CCI (14) are Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.5352 while Resistance is at 1.5456 and 1.5479
27th May 2015 – 06:19hrs GMT
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Technical Analysis – 27th May, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD had a bearish trend yesterday touching a low of 0.7724; the pair has recovered in the Asian trading session trading at 0.7763 above its 20day moving average. The near term bias is Neutral to Bullish with targets of 0.7800
STOCH (9, 6), ADX (14), CCI (14), ROC, Ultimate Oscillator indicate a BUY; RSI (14) is Neutral; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 0.7725 while Resistance is at 0.7801
27th May 2015 – 06:26hrs GMT
USDJPY
USDJPY had a bullish trend yesterday touching a high of 123.31; the pair is trading lower at 122.92 in the Asian trading session below its 20day moving average. The near term bias remains Neutral to Bearish with targets of 122.50
STOCH (9, 6), ADX (14) are Neutral; CCI (14), Ultimate Oscillator indicate a SELL; while Average True Range (14) indicates Less Volatility.
Support is at 121.77 while Resistance is at 123.31
27th May 2015 – 06:34hrs GMT
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 27th May, 2015
By FxGrow Research & Analysis Team
Greek Talks Continue with G7 meeting in Dresden
G7 Finance ministers and Central bank chiefs begin a three-day meeting in Dresden today. Greece will be discussed and markets are looking for cues from the today’s meeting.
As time is running out Greece is close to a default on its next debt repayment to the International Monetary Fund.
Greece needs to repay €300m on 5 June, with €1.6 billion in total due to be repaid to the IMF next month. An official from Eurozone stated “There is the possibility of putting together several payments that Greece would need to make to the IMF in the course of June and then just make one payment.”
The Greek finance minister Yanis Varoufakis said ""It would be a disaster for everyone involved. It would be a disaster primarily for the Greek social economy, but it would also be the beginning of the end of the common currency project in Europe".
The IMF's MD Christine Lagarde said that an extension will not be granted, even with additional economic reforms, and that no developed nation has defaulted on the IMF in 30 years.
In UK retail sales growth surged in May to +51 while analyst expectations were at +17.
UK Confederation of British Industry's Director said "Low inflation, which we expect to remain below 1% for the rest of the year, has given household incomes a much-needed boost and greater spending power".
Bank of Japan said that risks to Inflation are on the downside and Growth is slow.
According to the minutes released by BOJ "With regard to the baseline scenario for prices, many members expressed the view that there was considerable uncertainty, mainly in developments in medium- to long-term inflation expectations, and risks on the price front were skewed to the downside".
FED Vice Chairman Stanley Fischer stated "The tightening of U.S. policy will begin only when the US expansion has advanced far enough - when we have seen further improvement in the labor market and when we are reasonably confident that the inflation rate will rise to our 2% goal. If foreign growth is weaker than anticipated, the consequences for the US economy could lead the Fed to remove accommodation more slowly than otherwise".
Crude Oil is trading lower at $58.90 on account of strong US Dollar.
Gold prices are lower in Asia at 1188.99 while Silver is flat at 16.78
27th May 2015 – 08:40hrs GMT
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Technical Analysis – 28th May, 2015
By FxGrow Research & Analysis Team
EURUSD
EURUSD came down yesterday to touch a low of 1.0819 and since then it has recovered trading above its 20day moving average at 1.0922 in the Asian trading session. The near term bias remains Neutral to Bullish with targets of 1.0960 to 1.0980
RSI (14), ADX (14), CCI (14), MACD (12, 26), ROC, Ultimate Oscillator indicate a BUY; STOCHRSI (14) is Overbought; while Average True Range (14) indicates Less Volatility.
Support is at 1.0818 while Resistance is at 1.0947
28th May 2015 – 05:54hrs GMT
GBPUSD
GBPUSD came down yesterday touching a low of 1.5300 and has pulled back above its 20day moving average to trade at 1.5365 in the Asian trading session. The near term bias remains Neutral to Bullish with sideways movements expected in the European trading session.
RSI (14) is Neutral; STOCHRSI (14) is Overbought; STOCH (9, 6), ADX (14), CCI (14), ROC indicate a BUY; while Average True Range (14) indicates Less Volatility.
Support is at 1.5300 while Resistance is at 1.5392 and 1.5396
28th May 2015 – 06:02hrs GMT
For more in depth Research & Analysis please visit FxGrow.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Technical Analysis – 28th May, 2015
By FxGrow Research & Analysis Team
AUDUSD
AUDUSD continues its bearish trend trading below its 20day moving average of 0.7713; currently the pair is trading at 0.7704 in the Asian trading session. The near term bias remains bearish with targets of 0.7650
RSI (14), STOCH (9, 6), STOCHRSI (14), MACD (12, 26), ROC indicate a SELL; while Average True Range (14) indicates High Volatility.
Support is at 0.7660 while Resistance is at 0.7748
28th May 2015 – 06:20hrs GMT
USDJPY
USDJPY continued its bullish trend yesterday touching a high of 124.21; the pair is trading lower at 123.74 in the Asian trading session just above its 20day moving average of 123.80; the near term bias remains Neutral but overall scenario remains Bullish.
RSI (14), STOCH (9, 6), ADX (14), CCI (14) are Neutral; MACD (12, 26) indicates a BUY; while Average True Range (14) indicates High Volatility.
Support is at 122.76 while Resistance is at 124.28
28th May 2015 – 06:26hrs GMT
For more in depth Research & Analysis please visit FxGrow.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.
Daily Market Analysis – 28th May, 2015
By FxGrow Research & Analysis Team
Greek deal hopes lift Euro, Greek bonds, Markets
European stocks, Greek bonds and Euro are moving higher as news reports from Bloomberg have indicated that Greece is close to reach a deal with its European creditors.
Globally markets are recovering with Major Indices ending in Green, and Euro is trading at 1.0926 up 100 pips from the yesterday's low of 1.0818
Greek Prime Minister Alexis Tsipras said "We have made many steps. We are on the final stretch towards a positive deal. This agreement will be positive for the Greek economy, this agreement will redistribute the financial burdens and I believe that, very soon, we will be in a position to present more information".
The Bank of Canada kept its rate unchanged at 0.75% as per the market expectations.
BOC stated "Despite the recent back-up in global bond yields financial conditions for Canadian households and firms remain highly simulative. The Canadian dollar has strengthened in recent weeks in the context of higher oil prices and a softer U.S. dollar".
In Japan's Retail Sales rose to 5% from the previous year and USDJPY hits a 13 year high of 124.30 on the backdrop of economic recovery in the US and expectations of a FED rate hike later this year.
In Germany Consumers’ confidence reached the highest level since 2001. The GfK Consumer sentiment rose to 10.2 in May. Very robust domestic demand in Germany and low inflation rates have caused economic expectations and willingness to buy to further improve again.
Tough negotiations on the future of Greece in the euro area, the Ukraine crisis, and IS terrorism could noticeably dampen consumption in Germany.
Crude Oil is trading lower at $57.96 on account of strong US Dollar.
Gold prices are lower in Asia at 1190.04 while Silver has recovered its losses at 16.72
28th May 2015 – 09:03hrs GMT
For more in depth Research & Analysis please visit FxGrow.
Note: This analysis is intended to provide general information and does not constitute the provision of INVESTMENT ADVICE. Investors should, before acting on this information, consider the appropriateness of this information having regard to their personal objectives, financial situation or needs. We recommend investors obtain investment advice specific to their situation before making any financial investment decision.